Italian dairy giant Parmalat has settled claims related to its 2003 collapse with three banks for EUR72m (US$96.5m).

The company said today (18 June) that the banks - Banca Monte Parma, ING and Merrill Lynch - had agreed to pay a total of EUR72m.

Banca Monte Parma will pay Parmalat EUR35m; both companies have agreed to withdraw all pending claims under the revoctary action.

Parmalat said it had settled all outstanding claims between the company and Merrill Lynch. The bank will pay Parmalat EUR29.1m. ING, meanwhile, will pay the Italian company some EUR8m.

The settlements bring to a close some of the lawsuits linked to its 2003 collapse under massive debt.